Why is disability insurance one of the most important parts of your financial plan? Why is critical illness insurance so important during the years preceding retirement? Will I need to mitigate the cost of more expensive healthcare in my retirement? These are very important questions as we examine three pillars of wealth protection preceding and during retirement.

1. Disability Insurance

This is very important protection during the years preceding retirement for the following reasons. You may need to replace your employment income should you become injured or sick. Most employers only offer about 70% of your employment income, depending on the benefit terms provided by your insurance company.

2. Critical Illness Insurance

It is one thing to consider supporting yourself during a health crisis; quite another to consider where your income will source from for the remainder of your lifetime. CI offers you enjoyment of a preferred lifestyle after illness. Anyone aged 30, 45, or 60 regardless of age, could face a critical disease. Considering this, we should ask ourselves, “Who would be providing for my loved ones’ financial security? Can I still pay down the mortgage, credit cards, loans, and healthcare bills?” CI benefits can be arranged depending on your age, medical history and the amount of the insurance coverage desired.

3. Long-term Care Insurance

Have you planned to meet potentially high healthcare costs in your retirement? This coverage is intended for people very close to retirement, and offers protection if you were to become disabled or suffer from a chronic illness. It covers the costs of in-home care services, or the charges for accomdations in a long-term care establishment such as a hospital or nursing home.